HEG Limited Board Approves Scheme Effectiveness, Sets Record Date, and Reconstitutes Board
HEG Limited's Board approved the Composite Scheme of Arrangement's effectiveness from September 1, 2026, and set September 7, 2026, as the record date. Key leadership changes include Shri Riju Jhunjhunwala's elevation to Chairman, MD & CEO. The company name is proposed to change to HEG Advanced Materials Limited.
The announcement involves a Composite Scheme of Arrangement, amalgamation, demerger, significant board and management changes, and proposed name changes, all of which are material events for the company and its stakeholders.
The announcement details a significant corporate restructuring with the effective date of the Scheme of Arrangement and key leadership appointments, which indicates progress and strategic direction.
HEG Limited announced that its Board of Directors, in a meeting held on August 24, 2026, has approved making the Composite Scheme of Arrangement effective from Tuesday, September 1, 2026. The Board has also fixed Monday, September 7, 2026, as the record date for determining shareholders eligible to receive consideration pursuant to the Scheme.
Under the Scheme, for the demerger of the Demerged Undertaking into HEG Graphite Limited, one fully paid-up equity share of ₹2 each of HEG Graphite Limited will be issued for every one equity share of ₹2 each of HEG Limited. For the amalgamation of Bhilwara Energy Limited with HEG Limited, eight fully paid-up equity shares of ₹2 each of HEG Limited will be issued for every seven equity shares of ₹10 each of Bhilwara Energy Limited.
Following the effectiveness of the Scheme, the Board has approved several key appointments and cessations. Shri Ravi Jhunjhunwala will relinquish his roles as Chairman, Managing Director & CEO, continuing as a Non-Executive Non-Independent Director. Shri Riju Jhunjhunwala will be elevated from Vice-Chairman to Chairman, Managing Director & CEO, effective September 1, 2026, for a term of five years, subject to shareholder approval. Additionally, several individuals have been appointed as Additional Directors, including Non-Executive Independent Directors and Non-Executive Non-Independent Directors. Several directors have resigned to facilitate the board's reconstitution.
The Board has also approved the reconstitution of various committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk Management Committee, and Corporate Social Responsibility & ESG Committee, effective September 1, 2026. Key Managerial Personnel have been authorized to determine the materiality of events or information. Furthermore, HEG Limited is proposed to be renamed "HEG Advanced Materials Limited," and "HEG Graphite Limited" will be renamed "HEG Limited."
The Board meeting commenced at 1:30 PM IST and concluded at 4:00 PM IST.
A plain-language summary of a public exchange filing by HEG Limited. Read the original for the full detail.